https://www.taxtmi.com/caselaws?id=760230 Admission of a Section 7 Insolvency and Bankruptcy Code application requires clear findings on the existence of debt and default, based on the pleadings, documents and rival contentions. A bare reference to material or a general conclusion that default occurred is insufficient. The Appellate Tribunal found that the Adjudicating Authority had not recorded cogent reasons on these foundational requirements, leaving the reasoning inadequate for judicial scrutiny. The admission order was therefore set aside, and the matter was remanded for fresh consideration with categorical findings on debt and default after hearing both sides. en-us Fri, 26 Apr 2024 00:00:00 +0530 Fri, 18 Oct 2024 09:14:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760230 Admission of a Section 7 Insolvency and Bankruptcy Code application requires clear findings on the existence of debt and default, based on the pleadings, documents and rival contentions. A bare reference to material or a general conclusion that default occurred is insufficient. The Appellate Tribunal found that the Adjudicating Authority had not recorded cogent reasons on these foundational requirements, leaving the reasoning inadequate for judicial scrutiny. The admission order was therefore set aside, and the matter was remanded for fresh consideration with categorical findings on debt and default after hearing both sides. Case-Laws IBC Fri, 26 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760230